Deutsche Bank

GDF Suez launched its second modern-style hybrid capital issue on Thursday in a successful €2bn transaction that contrasted with the rocky execution of its first issue in July 2013. The deal showed the corporate credit market bouncing back vigorously after five days of weak trading.

Deutsche Bank and Credit Suisse tapped the dollar market with jumbo deals on Thursday, with syndicate bankers predicting a rush of deals from other financials in the near future.

Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.

A dearth of senior issuance this week left the spotlight on the subordinated debt market, and with the market quiet, LBBW and SEB were able to focus on price and sell aggressively priced tier two trades.

Latin American development bank Corporación Andina de Fomento increased the size of its first euro benchmark for three years as it gets closer to its aim of being considered an SSA, rather than EM, issuer. It will now try to take this strategy to dollars.

Profit taking has taken a toll on the periphery this week, but even as Italy’s government bonds continued to take a beating on Wednesday and the market for subordinated FIG debt softened, Italian insurer Poste Vita took to the market with a tier two capital transaction at a level that showed investors are still receptive to new deals.

Julius Baer, the Swiss private bank, sold its second additional tier one capital deal on Tuesday afternoon. The issuer was able to price an oversubscribed trade at the tight end of guidance as Swiss and Asian investors seized on the deal's attractive coupon.

Deutsche Bank survived widespread confusion during the execution of its additional tier one debut this week to draw a vast order book of €25bn. Investors and syndicate bankers alike were baffled by the bank’s decision to launch the deal a day after the announcement of a surprise capital raise on Sunday, write Andrew Griffin and Nathan Collins.

Mortar producer Parex Group will this week or next launch high yield bonds to back its takeover by CVC Capital Partners, lead bankers have told GlobalCapital.

After a long string of covered bond syndication success stories this year, demand showed signs of wavering on Tuesday when Landesbank Hessen-Thueringen (Helaba) issued a tightly priced two tranche Pfandbrief.

Chinese leasing company UT Capital Group, a wholly owned subsidiary of Haitong Securities, launched its inaugural international bond - a three year dim sum – on Thursday.

SEB will sell sub debt on Thursday afternoon, drawing good demand for a tier two deal despite offering aggressive pricing. The Scandinavian bank will be joined by French insurance company Groupama which is exchanging perpetual sub debt for new paper.